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Revenue Requirements
As you may be aware every business is obliged to keep proper books and records relating to:
- All sums of money received and expended in the course of the trade or profession
- All sales and purchases of goods and services
- The assets and liabilities of the trade or profession
All supporting documentation, including invoices and receipts as well as details of the calculations must also be retained.
For retailers, this includes daily till receipts that show all the individual sales from the day as well as the end of day total. A daily summary of transactions is not sufficient, the individual customers sales must be retained on paper or electronic backup. And these individual sales must have a sequential transaction code together with a record of the date and time of the transaction.
Records and supporting documents must be retained for a period of 6 years following the year of assessment (individuals) or the accounting period (companies) to which they relate.
For more information, see Revenue’s easy-to-read guide.
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